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15/09/2009 -
College students represent an important customer base for many merchants, in everything from food and recreation to school supplies and clothing. Although many college students make their own money, a good deal of their large spending power comes from their parents.
A recent survey from Alloy found that 41 percent of college students are being sent money from their parents.
In fact, one-fifth of college students are receiving their financial support in the form of gift cards for nearby retail stores, the survey found.
Despite this trend, credit cards remain a go-to source of payment for many college students - a survey from TransUnion found that more than half of Canadian adults used a credit cards to fund their college expenses, from groceries to books and even tuition.
In fact, one in four respondents accumulated $1,000 or more in credit card debt while in college, TransUnion reported.
For merchants located near universities, accepting credit cards may not be enough to support their student customer base - in light of this research, accepting gift cards may make a significant difference in their sales volumes and bottom line.
